Policybazaar is the undisputed industry leader in online insurance sales, with a market share of 90% plus. According to national brokerage and research firm Edelweiss, Policybazaar (PB) has carved out a position for itself in the fascinating sector of online financial products,
with low digital sales and insurance penetration backing its development potential in this budding industry. In 2021, the company announced its PoSP business– PBPartners. After its success as one of the most sought-after fintech companies in India, Policybazaar now plans to kick things up a notch by foraying into the PoSP business. Hence, the company is inviting insurance agents in India to become PoSP with PBPartners and embark on a journey of mutual growth.
According to Frost & Sullivan, direct selling has generally been the most prominent distribution channel and will continue to play a significant role in the distribution of insurance products. Hence, Policybazaar has expanded its footprint through such PoSP offline channels across India to support its digital presence. The primary reason for launching the Point of Sales Person (PoSP) business is to scale insurance penetration in Tier-2 & Tier-3 cities, occupying 50% of consumer demand. Essentially, “Taking Insurance to Bharat”!
Quick Link: Become an Insurance Agent
What is a PoSP?
In 2015, the Insurance Regulatory and Development Authority of India (IRDAI) established a new form of insurance distributor known as the PoSP. The intent was to increase insurance penetration across the country. The PoSP full form in insurance is the Point of Sales Person. A PoSP insurance agent can sell a wider range of policies from multiple insurance companies, across categories like health insurance, term life insurance, two-wheeler, four-wheeler, commercial vehicle insurance, etc. The Insurance Regulatory and Development Authority of India (IRDAI) pre-underwritten and authorized these products. So, gone are the days when selling policies was a challenge for insurance agents.
Difference between an Insurance agent and a PoSP
In many respects, the role of a PoSP is similar to that of an insurance agent. They also find leads, conduct sales calls, develop connections with prospects and clients, and sell insurance plans according to their requirements. However, a PoSP is an independent insurance agent, who has to spend more time studying and evaluating insurance alternatives for their clients and prospects because they aren’t selling for just one carrier.
For example, suppose a PoSP meets a fresh lead who is searching for health insurance. After some specific inquiries, the PoSP will go back to the portfolio of insurance carriers and policies to develop a few solutions. He may return with multiple policy options for his prospect, each from a different carrier. This gives a PoSP insurance agent greater flexibility in creating and offering the best policy for their customers.
A PoSP typically works as an independent contractor as well as an independent agent. That means he will need to manage a business rather than just work for someone else. This involves more responsibility than working for one insurance company, but it also offers more opportunities.
Let’s understand the difference between POSP and an Insurance agent in detail:
1. Qualification & Training
Anyone who meets certain criteria can become a POSP. This means you must be at least 18 years of age, have completed Class 10, have a valid Aadhaar Card and PAN Card, and have a Bank Account in your name. Furthermore, agents need to pass the examination conducted by IRDAI. Candidates can only appear for the exam after the completion of over 15 hours of training. After this training, the agent appears for the exam and upon passing it, receives a license with a validity of three years only.
PoSP agent partners need to appear for the exam within these five days. Earlier, only the National Institute of Electronics and Information Technology (NIELIT) could certify trained PoSP. But PBPartners brings you this facility so that you can take the next big step toward your full-time career.
2. Sales and Service
An insurance agent can only sell policies offered by his affiliated company. However, insurance agents can sell and simultaneously act as consultants to policyholders. They also sell complex products to people, companies, and businesses. Insurance agents can help their customers tailor the policies to meet their exact requirements. Agents may also have to advise clients on policy matters.
One of the biggest advantages of the PBPartners model is that it allows PoSP agent partners to work for more than one insurance service provider. This business model has simpler products that don’t have many technicalities to sell to consumers. A PoSP agent partner is also qualified to sell two-wheeler insurance, four-wheeler insurance, life insurance, health insurance, etc. Products sold by a Partner must satisfy the three norms –
- The plan has to be easy to understand and explain.
- The plan must have already stated the investment benefits.
- Plan benefits must be fixed, non-fluctuating, and pre-defined.
3. Area of Operations
Insurance agents usually operate in tier-1 and tier-2 cities only. Their area of operation depends upon the requirements of the associated Insurance company. Agents also usually sell products from a fixed bucket of policies set by their company, hence focusing on selling products that are being pushed by the affiliate company. So in a way, their area of operation is governed by their company’s bent to sell complex policies with varying returns.
The vision of PBPartners is to act as a channel that gives last-mile connectivity to customers who can only be tapped offline. As a PoSP, you can undergo training online at one of India’s leading fintech companies and begin your full-fledged career. A PoSP mainly caters to first-time customers, in search of basic insurance policies, across metros, urban, semi-urban, and rural areas. PBPartners enables a quicker onboarding procedure, thus engaging the workforce with a bigger consumer base.
Who can become a PoSP?
Anyone who is above 18 years of age and has passed the 10th standard can become a PosP agent partner with us. It is an excellent chance for young graduates and those searching for a part-time job. It is also an excellent opportunity for college students, stay-at-home moms, retirees, and even individuals who currently have a job but want to do more on the side.
How to become a POSP with PBPartners?
PBPartners opens the world of insurance selling for you, in just a few simple steps. Read on below to discover how to become a PoSP agent partner.
Step 1: To become a PoSP agent partner with PBPartners click on the ‘Registration’ button on our website and enter your contact number. This will send an OTP to your registered mobile number that you need to enter to verify your account. This number will be your official registered mobile number.How to get Insurance Advisor Certification?
The insurance advisor certification course is concise. Any individual above the age of 18 who has cleared class 10 can enroll for the certification course.
Click on our website’s ‘Registration’ button and enter your contact number. Your registered mobile number will receive an OTP that you’ll need to verify your account. You’ll have to fill in basic details like your name, birthday, pin code, email ID, etc. After your onboarding, you will be able to scroll under the tab “My Account” and see your basic details, banking information, professional details, and KYC details. Now you can opt for training and get certified with PBPartners to complete your partnership with us. Undergoing this training and receiving certification is requisite for selling life insurance. The course involves teaching through online tutorial videos. This course material is accessible through your computer or smartphone, anytime, anywhere. At the end of the certification course, you will have to take an exam and pass with a minimum score of 40% to become a PoSP.
The course includes the following touchpoints:
- Concept of Insurance
- Indian Insurance Market
- Principles of Insurance
- Types of Insurance
- Documentation
- Premiums
- Claims
- AML & KYC Guidelines
- Do’s & Don’ts
What products can a PoSP sell?
PBPartners is here to harness the future of insurance and make it simple & convenient. To make insurance selling easier for agent partners, PBPartners has introduced a Phygital (Physical+Digital) way of selling insurance. A PoSP can choose to sell insurance either through the PBPartners’ web portal or can carry their virtual office in their pockets by installing the newly launched PBPartners app.
At PBPartners, a partner gets the opportunity to sell different insurance products and plans from over 26+ of India’s leading insurers. With PBPartners, a PoSP can sell the below-listed PoSP-approved insurance products:
1. Health Insurance
- General Insurance
- Senior Citizen Insurance
- Family Health Insurance
2. Life Insurance
- Term Life Insurance
- Child Saving Plans
- Guaranteed Return Plans
- Retirement Plans
3. Motor Insurance
- Two-Wheeler Insurance
- Car Insurance
- Commercial Vehicle Insurance
4. Travel Insurance
5. Home Insurance
6. Fire and Allied Perils (Dwellings)
What are the Advantages of being a POSP with PBPartners?
What makes PBPartners so efficient and effective is that it’s based on the Point of Sales Person (PoSP) business model. This means that PBPartners not only offers a systematic trajectory for a professional’s career but also helps them qualify for the required training to sell insurance products. Leveraging Policybazaar’s expertise in the insurance business for the last 13 years, PBPartners aims to be a dominant player in the PoSP space. PBPartners will empower its PoSP agent partner through its online selling platform and Policybazaar.com’s innovative technology and smooth claims assistance.
Here are 8 advantages of being a POSP with PBPartners
PBPartners will provide a route for customers who are still inclined towards offline assistance. Simultaneously, it will provide a platform for partners to enable the customer’s end-to-end online journey through its portal, from purchase to issuance.
- Multiple opportunities - One of the biggest advantages of the PBPartners model is that it allows agent partners to work for more than one insurance service provider. As opposed to the practice of former times when distributors used to be associated with just one company, agent partners can now sell insurance products for multiple companies. The only qualifying requisite for an individual to become an agent partner is for them to be 18 or above and to have cleared 10th standard exams.
- Product line - PB Partners offers a range of product lines with more than 26 insurance providers. The company is allowing its agent partners to sell the entire bouquet of General Insurance products and Life Insurance through their web portal and PBPartners app.
- Comprehensive training - The most beneficial thing about being at PBPartners is that you can undergo training online and begin your full-fledged career as a PoSP. Earlier, only the National Institute of Electronics and Information Technology (NIELIT) could certify trained PoSPs. But now PBPartners brings you this facility so that you can take the next big step towards your full-time career. This enables a quicker onboarding procedure for agent partners. The conducted online training takes at least 15 hours and the online test is in an objective format.
- Flexibility - Unlike most corporations that function under a fixed work schedule, PBPartners allows its PoSP agent partners to work from anywhere and anytime. This gives the convenience of comfort and eliminates the stress of time-bound targets.
- Investment - Signing up for PBPartners is free of cost, and therefore it requires zero investment from your end. The registration process is simple and only requires basic information.
- Earning Potential - Our PoSP agent partners get to work even after retirement and earn attractive payouts.
- Support - PBPartners is powered by ingenious technology leveraged through Policybazaar and support from the PBPartners team that is ready and eager to help our PoSP agent partners. So you get to be a part of a vast network and value-based community.
- Network - We are omnipresent, having our footprint expanded to 14,319+ Pin Codes out of 19,100 Pin Codes in India.
Why join PBPartners as a POSP insurance agent?
Providing a comprehensive solution for all insurance needs through phygital interaction, PBPartners is here to evolve the insurance domain. Simplifying the journey from verification to registration, PBPartners takes you through a step-by-step procedure to scale offline insurance penetration in Tier-2 and Tier-3 cities. Based on the efficient and effective Point of Sales Person (PoSP) business model, PBPartners leverages its innovative technology to simplify your new career path.
Also Read: How to Join PBPartners as an Insurance Agent - Step-by-Step Guide
Winding Up!
In a few simple steps, PBPartners opens up a world of endless opportunities for you. Earn attractive remuneration while you go mobile. Just log on to our website or PBPartners app and register yourself with PBPartners to become an Insurance agent. Whether you’re struggling with your internship or dreading your retirement, as a partner you can turn things around whenever you want. So hurry up and say ‘yes’ to a profession that you can choose at your convenience.
FAQs on insurance agent
Q: How much can you earn as a PoSP?
A: Your income as a POSP will be determined by the number of policies you sell rather than the number of hours you work. You have unlimited earning potential as there is no set income or maximum limit.Q: What documents are required to be registered as a PoSP?
- You will need the following documents to register yourself as a PoSP with PBPartners. All of these must be self-attested (signed by you)
- Minimum class 10th Passing certificate or above if any.
- Copy of your PAN card and Aadhaar card for address proof (front and back).
- Canceled cheque (your name should be mentioned on it).
- Your recent photograph.
- GST certificate
- NOC in case your PAN has an existing agency/POS code
